mbna settling for 50% balances

bladerunner64

i am going abroad to work and i informed my credit card company MBNA of this.

i owed them 15000 euro and they told me they would settle for 7500 and the remainder written off.

happy days.

nlgbbbblth

ICB wrote:

Your credit report includes:
your name, date of birth, address(es) used by you in relation to financial transactions
the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;
repayments made or missed for each month on each loan;
the failure to clear off any loan;
loans that were settled for less than you owed; and
legal actions your lender took against you

While this is a credit card and not a loan, the same principle applies.

tenchi-fan

bladerunner64 wrote: »

i owed them 15000 euro and they told me they would settle for 7500 and the remainder written off.

Congratulations! It must be a weight off your shoulders.

However you should be more careful of your personal finances in future, particularly as you have effectively cut yourself off from lines of credit for years to come.

fleet

A €7,500 write down means they have to hit all the rest of their customers for a percentage of it.

Where do you think the money is going to come from?
Every other customer of MBNA is now paying because you failed to control yourself (and don't tell me you lost your job, that's no reason to run up €15,000 on a credit card).

tfitzgerald

We owed mbna over 3k and the interest every month was killing us so we went to the credit union got a loan payed mbna off. But they demanded the whole lot off us :(

cgarrad

fleet wrote: »

A €7,500 write down means they have to hit all the rest of their customers for a percentage of it.

Where do you think the money is going to come from?
Every other customer of MBNA is now paying because you failed to control yourself (and don't tell me you lost your job, that's no reason to run up €15,000 on a credit card).

Anyone using the system to their benefit is to be expected.

The real problem is the systems that are in place are flawed.

Anger needs to be vented at MBNA not the OP.

Corkbah

cgarrad wrote: »

Anyone using the system to their benefit is to be expected.

The real problem is the systems that are in place are flawed.

Anger needs to be vented at MBNA not the OP.

I disagree

The OP came on to gloat/inform everyone of how to "default" on their credit card debt.

MBNA must have some sort of policy for people who are changing country (hence making it difficult to chase after for money)

If anyone else is planning the same - be cautious as it may affect getting finance in the future (for a number of years)

nlgbbbblth

cgarrad wrote: »

Anyone using the system to their benefit is to be expected.

The real problem is the systems that are in place are flawed.

Anger needs to be vented at MBNA not the OP.

The OP ran up up the debt.

Do you not believe in personal responsibility?

For ****'s sake.:rolleyes:

tenchi-fan

cgarrad wrote: »

Anger needs to be vented at MBNA not the OP.

How much was Ireland's bailout? tens of billions? I think we need to take a long, hard look at the banking system as well as the system of government in place.

If the op stuck around he would be paying around €30,000 in the form of high taxes towards the "bailout", as well as continuing to pay high taxes on gold-plated pensions to despicable people such as Bertie Ahern, David Norris, and all the bank execs; not to mention very high salaries and pensions to tens of thousands of public sector workers, the majority of whom are overpaid and surplus to requirement. After paying such taxes, it's very hard to accumulate any wealth/equity, nevermind finance a debt.

The op is making his decision on the system in place, and it's an agreement between him and a bank which makes billions in profits from other people's misery. The interest rate that MBNA charged in order for the op to rack up such debt was probably close to 20%.

pebbles21

Well done OP for signing up here to boast about it..

Hope you dont fcuk it up for anyone else trying to settle with them

As a matter of interest ...how come you had 7.5k to settle and still racked up 15k in debts with them?

cgarrad

nlgbbbblth wrote: »

The OP ran up up the debt.

Do you not believe in personal responsibility?

For ****'s sake.:rolleyes:

Personally I dont even believe in the bankruptcy laws. I think you should have to pay 100% of you pension till the day you die if you still have outstanding debt.

Unfortunately I am in the minority, but its the systems in place that are at fault not the OP.

dobsdave

pebbles21 wrote: »

Well done OP for signing up here to boast about it..

Hope you dont fcuk it up for anyone else trying to settle with them

As a matter of interest ...how come you had 7.5k to settle and still racked up 15k in debts with them?

Redundancy maybe?

gbee

add another 10k for mine, it was great when I was paying them 1/5th of my income but now I'm earning Zero.

BuffyBot

Enough of this pointlessness.